The BUA Industries Limited says it secured a $200 million corporate finance facility from the African Export-Import Bank (Afreximbank) to support its expansion plans.
In a statement on Tuesday, the company said the first tranche of $150 million was disbursed on October 16, 2024.
Abdul Samad Rabiu, the chairman of BUA, said the facility from Afreximbank marks a crucial step in the firm’s commitment to industrialising Nigeria’s manufacturing, infrastructure, and energy sectors for local use and export.
“With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand. Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience,” Rabiu said.
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Commenting on the transaction, Kanayo Awani, the executive vice-president of intra-Africa trade and export development at Afreximbank, said the facility would provide essential financial support to the Nigerian conglomerate as it expands, thereby strengthening its industrial base and the nation’s export manufacturing capacity.
“We are delighted at this partnership, which promises to deliver significant impact through job creation, import substitution, and export diversification – thereby boosting Nigeria’s Gross Domestic Product (GDP),” Awani was quoted as saying.
BUA, according to the statement, has expanded its business operations in the past few years to take advantage of the African continental free trade area through exports.
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